Nasdaq Intraday New World Record!

Here we go again as the Nasdaq seems to be the leader as it crossed to new world record highs. All the other indices seemed to be lagging in their quest to add another record high. Next week could be critical as we are approaching the new moon this Saturday. There is a chance we may not get the 4th and 5th wave if the present pattern is just an extended single zigzag.  The 20th of the month can also produce violent reversals, due to expiration dates of options.  Of course we never really know what the sensitive, emotional investor will do.  There can be more fundamental reasons than degree levels we have in the EWP, why markets go up or down. Frankly, markets  have a bad habit of ignoring fundamentals, which is very easy to confirm when we look at the 30’s depression and the 2009 bottom.

As long this Nasdaq refuses to die, there is no chance of Cycle degree wave 3 finding a permanent home.  

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